Norway's trade balance surplus was NOK 24.2 billion in May, just below half of the high surplus in April. Closed oil fields caused a low number of exported barrels of oil.
The export of goods amounted to NOK 67.4 billion, while total imports ended at NOK 43.2 billion.
Thus the trade surplus was almost the same as in May last year; a relatively low trade surplus.
The exports of crude oil were at quite a normal level, while exports of gas were low and imports in general quite high.
The value of crude oil was NOK 24.3 billion in May; more than NOK 5 billion higher than the same month last year. The amount of barrels exported was lower in May this year due to closed oil fields. However the price of a barrel of crude oil is still at a high level, NOK 637, hence the exports of oil remain at a relatively normal level. In the same month last year this price was NOK 478.
The export value of natural gas amounted to NOK 10.9 billion; a decrease of almost 22 per cent compared to the corresponding month in 2010. A total of 6.1 billion cubic metres of gas in gaseous state were exported. This is a decline of nearly 2.4 billion cubic metres or 6.5 per cent from May last year and the lowest amount this year.
(Press release)
The Norwegian Ministry of Trade and Industry traveled to Silicon Valley to meet with Norwegian businesses and entrepeneurs who have established themselves in the U.S.'s "tech capital."
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